Other Assets and Other Liabilities and Deferred Income

6 Months Ended

Jun. 30, 2020

Other Assets and Other Liabilities and Deferred Income [Abstract]

OTHER ASSETS AND OTHER LIABILITIES AND DEFERRED INCOME

OTHER ASSETS AND OTHER LIABILITIES AND DEFERRED REVENUE

Other assets and other liabilities and deferred revenue consist of various balance sheet items that are combined for financial statement presentation due to their respective materiality compared with other individual asset and liability items.

Other assets were as follows (in millions):

	December 31, 2019		June 30, 2020
Collateral held for resale, at net realizable value	$	843	$	994
Accrued interest and other non-finance receivables	898		875
Prepaid reinsurance premiums and other reinsurance recoverables	687		695
Property and equipment, net of accumulated depreciation (a)	212		212
Deferred charges - income taxes	171		153
Investment in non-consolidated affiliates (b)	132		122
Operating lease assets	108		107
Other	347		377
Total other assets	$	3,398	$	3,535

__________

(a) Accumulated depreciation was $393 million and $404 million at December 31, 2019 and June 30, 2020, respectively.

(b) Adoption of ASU 2016-13 reduced investment in non-consolidated affiliates $8 million. See Note 2 for additional information.

Returned operating lease vehicles and repossessed vehicles are classified as collateral held for resale and recorded at net realizable value. Based on sales during the second quarter of 2020, we released the unused portion of our valuation adjustment related to COVID-19 that was recorded in the first quarter.

Other liabilities and deferred revenue were as follows (in millions):

	December 31, 2019		June 30, 2020
Unearned insurance premiums and fees	$	806	$	811
Interest payable	888		739
Income tax and related interest (a)	433		173
Operating lease liabilities	110		109
Deferred revenue	110		95
Other	286		247
Total other liabilities and deferred revenue	$	2,633	$	2,174

__________

(a)

Includes tax and interest payable to affiliated companies of $294 million and $38 million at December 31, 2019 and June 30, 2020, respectively.